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Fundamentals of Cost Accounting 2nd Edition by William Lanen, Carolyn Wells, Michael Maher
Edition 2ISBN: 978-0077274993Fundamentals of Cost Accounting 2nd Edition by William Lanen, Carolyn Wells, Michael Maher
Edition 2ISBN: 978-0077274993 Exercise 20
Basic Product Costing
Kim Smith Refiners starts business on March 1. The following operations data are available for March for the one lubricant it produces:
Costs incurred in March follow:
All production at Kim Smith is sold as it is produced (there are no finished goods inventories).
Required
a. Compute cost of goods sold for March.
b. What is the value of work-in-process inventory on March 31
Kim Smith Refiners starts business on March 1. The following operations data are available for March for the one lubricant it produces:
Costs incurred in March follow:
All production at Kim Smith is sold as it is produced (there are no finished goods inventories).
Required
a. Compute cost of goods sold for March.
b. What is the value of work-in-process inventory on March 31
Explanation
Verified
Verified
Under process costing , discrete batches...
Fundamentals of Cost Accounting 2nd Edition by William Lanen, Carolyn Wells, Michael Maher
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